Welcome to today's event, where we have the pleasure to present ExpreS2ion Biotech. Joined by the company to help us through today's presentation is CEO Bent Frandsen and the CFO Keith Alexander. Today's topic, of course, this morning's full year 2021 results. I think we will also dig a little bit into the pipeline. There was some news in the start of the year on the breast cancer candidate, so I guess we will also dig a little bit into that. As always, please ask questions down in the right-hand box during the presentation. I will see if it fits. You are very welcome to do it in Danish, but because of Keith, I think we will do this presentation in English. Everything would be unfair. Do ask the question in Danish. I will try and translate it to the best of my abilities.
Bent, I think I will turn the call over to you.
Thank you very much, Michael, and thank you H.C. Andersen Capital for hosting this webcast on the back on ExpreS2ion Biotechnologies' Q4 report that we have released today. I am joined by Keith Alexander, who will cover the financials part of the report here later. I will do an initial presentation of where we are with the company. If you can turn to the slide after this. Just to recap, ExpreS2ion Biotechnologies is a Nasdaq First North Growth listed company with operations in Hørsholm, Denmark. We are a biotech company. We have a high-value pipeline covering the diseases of utmost graveness at the moment, like COVID-19, breast cancer, and malaria. We also have a contract research organization servicing clients that has even generated up to SEK 60 million over the last five years since we IPO'd in 2016.
We have our so-called ExpreS2 protein production technology platform, which has been very advantageous in developing vaccines, not only for ourselves recently, but also for clients over the years. We have produced more than 500 proteins since we started in 2010, with very high success rate of in excess of 90%. We address vaccines. This market has grown by 5x at least the last two years, obviously, driven by the COVID-19 vaccines around. Today, it is a more than $180 billion market, and we intend to carve a market share out of that in the future. We are advancing our pipeline as we speak. Most important milestone triggers obviously are related to the COVID-19 vaccine candidate, where we expect a phase II readout from Bavarian Nordic here very soon this quarter, as well as an initiation of the phase III trial here later this year.
Just to recap on the COVID-19 vaccine. Yes, please, next slide. We announced this, the initial data in August 2021 and supplementary data in November 2021. It is a very efficacious COVID-19 vaccine that we are developing and which has now been exclusively out-licensed to Bavarian Nordic for further development. We have shown an up to 12 times higher level of generating neutralizing antibodies compared with COVID-19 infections, and that is even three to four times higher than the virus neutralization level seen from messenger RNA COVID-19 vaccines. Also looking at the efficacy in terms of various variants, we have seen very, very nice data, both against the Wuhan, the Alpha, Beta, and Delta variants as well. Next slide, please. Since July 2020, this has been exclusively out-licensed to Bavarian Nordic.
After the first clinical phase I trials that ExpreS2ion was involved in, that I just informed you about, Bavarian Nordic is taking this onwards in the clinical phase II study. There was a very nice announcement in December of the data from the first arm of this study. Of the first, it says here 90, I believe it was actually 103 test persons in the first arm testing 100 mcg as a single-shot booster vaccination. The results here were quite well, showing a two to 34-fold increase in the levels of neutralizing antibodies against the Wuhan strain. Now we are actually waiting for further data from this study from the next arm, where they are dosing at the 50 mcg level, as well as the third arm, where they also look at the 100 mcg level, but in zero negative people.
This should be coming right around the corner here. Very important is that Bavarian Nordic have obtained funding for the phase III trial from the Danish state in the size of DKK 800 million or more than EUR 100 million. This phase III trial is expected to initiate it here in the next couple of months after the phase II study readout. Next slide.
There is a very specific question. I do not know whether we should take it here, but I think it fits. When will the publication from the COVID-19 phase I and II A be published by Radboud? I do not know whether you have any comments on that.
Only that our collaborators at the Radboud University are drawing up the publication. I do not believe it has been filed yet, to be honest. It will take some time. Nevertheless, it is ongoing. Next slide, please. Just to clarify the setup with Bavarian Nordic, the license to Bavarian Nordic is from ExpreS2ion's 34%-owned associated company called AdaptVac. Then ExpreS2ion and AdaptVac have a licensing agreement again. AdaptVac has the IP, the patents revolving the VLP technology, which Bavarian Nordic have been out-licensed. The vaccine also covers technology from ExpreS2ion, and this is covered by a license agreement between ExpreS2ion and AdaptVac.
You can say AdaptVac, they already have received EUR 4 million upfront when the license agreement was executed in the summer of 2020, and they can receive additional up to EUR 136 million in development and sales milestones, as well as single to double-digit royalties of Bavarian revenues. ExpreS2ion owns 34% of AdaptVac, so this cash flow I just alluded to, ExpreS2ion holds a 34% ownership of that. The licensing agreement between ExpreS2ion and AdaptVac makes ExpreS2ion eligible to receive up to EUR 2 million in commercial milestone payments, as well as a lower double-digit percentage of AdaptVac's royalties. That is the setup we have and quite a valuable license agreement indeed. Next slide, please. As mentioned, we also have a breast cancer vaccine project in our pipeline, which is really what we spend most of our resources on now and going onwards.
This is just a snapshot of actually already published data showing that our vaccine has the potential to overcome resistance against the common monoclonal antibody Herceptin in this field at the moment. There is a very clear inhibition of tumor growth, not only in trastuzumab-sensitive cancer cells, but also in trastuzumab-resistant cancer cells. This is a problem that can affect up to 30% of breast cancer patients that they develop resistance. That is a very interesting potential we have with our vaccine. This has been described, but this is also what we have seen now in our newest proof of concept data. I just do not have the nice photos here of these data that we have from this publication here. Next slide, please. These are data that we have just released on the 22nd of December last year, as well as here on the 4th of January.
It is a snapshot of part of the data across the line. They all look very convincing. If you look at the left, we see a readout from a mice study where we look at the development in tumor growth in mice that spontaneously develop HER2 breast cancer tumors. You can see we test various groups that get a control or a control of our vaccine that we call ES2B-C001, excluding adjuvant and including an adjuvant, and then with the adjuvant in two different dosing schedules. The highlight here is the red curve that you can see. There is a very clear decrease in the progression of tumor development. This is very promising for us and something that we continue to work on now. If we look at the right, you see also a development of survival in the mice.
Here you see two groups, a group of mice being treated with our ES2B-C001 plus adjuvant, as well as a group that is not treated. You can see those that are not treated eventually die after 32 weeks. In the group with our vaccine plus an adjuvant, you actually see a 95% efficiency. The one mice that did not survive here actually had, according to our investigator at University of Bologna, it had nothing to do with this vaccine in itself. That is very good, and we are very happy and pleased that we got a preclinical proof of concept here over the new year. Next slide, please. Looking ahead, this is an overview, our key triggers here in the near future. Obviously, when it comes to the coronavirus, the ABNCoV2 vaccine candidate, we are very much reliant on Bavarian Nordic's progression.
We, as I already alluded to, are waiting any day now on the readout from the further phase II data. We also expect Bavarian Nordic to initiate the phase III trial here later this year. If that is the case, maybe even an initial readout here before the end of this year. That means that Bavarian Nordic should be hopefully in a commercial setting here by early 2023. When it comes to the breast cancer, we have full control on this project. We have just announced the preclinical animal proof of concept data here. Actually, even in Q4 2021, you can say, according to this slide. Then, of course, we progress on the manufacturing and scale up and expect to have a produced GMP manufacturing batch later this year.
We have been in a pre-meeting with the Danish authorities here in January and presented our development plans, which have been quite ambitious, and actually got a feedback that tells us that we should do some additional preclinical safety study. We have taken that into action immediately. Luckily, we are working together with a very professional clinical research organization called Charles River Laboratories, and we have access to the right animals to set up the preclinical safety studies. They will run into 2023, into the first half of 2023. In effect, the filing of our clinical trial application looks to be in the second half of 2023. I think this is all realistic, and hence, we will do our first dosing in man in the beginning of 2024. As it says here, the out-licensing window will open when we initiate the first clinical trial.
I think with the convincing preclinical proof of concept data that we already have, we are, of course, starting to do business development based on these data already here in this year. With respect to our other pipeline activities in influenza and malaria, we are continuing as progressed. I think I want to highlight here on the malaria front that we have one clinical stage project, the RH5 project in blood-stage malaria, together with University of Oxford, that started a new clinical trial in Africa in 2021, where we will get the readout from this in 2023. Importantly is also that we are involved in a second malaria vaccine, which is called a transmission-blocking vaccine, and the code name here is the Pfs48/45 protein, which is an important antigen in that type of malaria.
And this project in itself has progressed, so University of Oxford expect to initiate a clinical trial within this year. I hope to be able to announce that here later this year. So that is very nice also on the malaria front that we are progressing as well. Next slide, please.
I do not know whether I should take a question here, Bent. It is regarding this why you needed additional preclinical studies. Was it a miss from the beginning or something that came down the road with your discussion with the Danish health authorities? Is there any signal in that, and maybe can it give you any advances in the further development of this product? Sometimes that is also the case.
Perhaps the easiest explanation is that we have made the strategy shift only two years ago regarding being a pipeline developer instead of only a manufacturer of antigens. We are building up our skills within development of biologics. And definitely we have very professional consultants helping us out also on this. But I think it would have been difficult to assess the need for preclinical safety before we actually had had this meeting with the Danish authorities. We are pleased that it is so early on, actually, that we have had this meeting with the Danish authorities, so it just makes it more professional and realistic, I think.
Yeah. So no signs in the data, it was simply that they wanted more security or-
Yes.
Yes. Okay.
Maybe because we have so strong efficacy data, there is a relation, obviously, between that and safety.
Yeah. That makes sense. Perfect. Thank you, Bent.
Next slide is the last one from my side. I'll cover it quickly so Keith can present our Q4 report. This is the management team as we look today. I just want to highlight Dr. Mattis Ranthe, who has joined the company here 1st of February as our Chief Medical Officer. He comes with a strong background within the medical development and has a decade of broad clinical experience from companies like Novo Nordisk and ALK-Abelló and lately GSK Vaccines that we are very pleased with. Right. That said, I will hand over the microphone to Keith.
Thank you, Bent and Michael. During the fourth quarter of 2021, we continued to focus our efforts, as Bent said, both in terms of manpower and money on the preclinical development of ES2B-C001, our breast cancer vaccine candidate, supporting the testing of ABNCoV2 COVID-19 vaccine candidate and our CRO clients. I will walk through the impact those efforts had on our financials in the next few slides. Next slide. Starting with operating income, we experienced a 16% decline year-over-year in the fourth quarter to SEK 4.4 million, and a decline of 10% on a year-to-date basis to SEK 13.7 million. Looking at the trend shown in the chart to the left, you can see that operating income in the quarter was the third highest of the last 12 quarters.
In the middle chart, we focus on net sales, which reflects revenue from projects, licenses, and our webshop. You can see the net sales in the quarter were above the long-term average. Year-to-date, they increased by 113% compared with 2020, marking a continuation of the significant recovery from 2020 we have seen throughout 2021. They benefited from follow-on projects related to the development of the COVID-19 vaccine, strong royalties from licensed products, and direct sales of ExpreS2ion-produced proteins. In the chart to the right, we show the other components of operating income, which is essentially grant-related income. As a reminder, in 2020, we received a significant amount of grant income from the COVID-19 project. In the fourth quarter of 2021, we realized the remainder of our income from the TREAT-HER2 grant. Moving to the next slide, where we focus on the cost side.
Operating costs in the fourth quarter amounted to SEK 20.6 million, a decrease of 8% compared with the fourth quarter of 2020. The reason for the decrease is that the fourth quarter of 2020 included significant expenses from the COVID-19 vaccine project. On a year-to-date basis, operating costs increased 34% to SEK 62.1 million. This significant increase primarily reflects costs related to preclinical development of our HER2-positive breast cancer therapeutic vaccine candidate, ES2B-C001, including the initiation of the proof of concept study. It also reflects higher personnel costs due to changes in how we accrue for incentive-based compensation, which we made earlier this year, as well as higher headcount. These changes to the accrual method do not have an impact on cash. I will clarify this in the coming slides.
Looking forward, we will start to incur costs related to CMC manufacturing, so expect our costs to increase from here. On the next slide, after financial expenses and taxes, we had a net loss of SEK 14.3 million in the third quarter, a decrease of 17%. The year-to-date net loss increased 39% to SEK 43.9 million. Financial expenses have been much lower year-to-date than in 2020 due to the termination of bridge loans and a benefit from exchange rate movements. Notably, a weaker Swedish krona relative to both euro and Danish krona. Though the impact of negative interest rates on our cash balance is a factor we face on an ongoing basis. On our next slide, we show the trend in our cash balance, which ended the year at SEK 37 million. The reason for the large decrease is simple.
The Danish tax authority, SKAT, is currently offering companies the opportunity to keep up to DKK 350 million in their SKAT account, where the balance does not incur negative interest. After consultation with SKAT, our bank, and other advisors, we decided to store a portion of our cash in our SKAT account. Each month, we adjust the payout limit on the account to ensure we have enough cash, plus a very prudent, healthy margin in our bank account. Including the SKAT balance, ExpreS2ion ended the year with SEK 138 million available to fund operations, the highest year-end balance in the company's history. This is a very healthy balance. In the fourth quarter, the balance decreased by only SEK 4 million since non-cash adjustments, including an income tax received, and our ratio of current receivables to liabilities increased, largely offsetting a negative operating result.
On the next slide, looking at cash development over the year, including our SKAT balance, we started the year with SEK 107 million, raised approximately SEK 75 million after costs, spent SEK 46 million on operating and investment activities, excluding the SKAT transfer, and benefited from SEK 2 million in exchange rate movements, ending the year with SEK 138 million. On the final slide, the next one, I'd like to note that in 2021, our number of investors increased from approximately 6,000-14,000. We'd like to thank our investors for their continued support and interest in ExpreS2ion's pipeline activities. I can assure you that everyone at ExpreS2ion is working very diligently to maximize your return on investment. With that, I'll pass it back to Michael and stick around for any Q&A.
Yeah. Perfect, Keith. I have a question, and then we will turn also to the audience. As far as I could see, you were not giving any guidance on the cash balance year-end 2022. Do you have some granular? I don't know whether you give it, and I could see that the cash outlay were around your net loss. Do you have any granular how much that is going to develop in 2022, or is there a reason why you haven't guided because there are still some big swing factors there?
Michael, thank you for the question. Of course, the question is on everyone's minds, and we can make a few comments to that, but we won't provide specific guidance on where we expect it to be at the end of the year. We do believe that we have a very healthy cash balance right now, and enough to last us into 2023. Beyond that, I would say, I think I said in my prepared remarks that we do expect our CMC costs to increase in the near future. We are a pipeline-driven business, so we do have significant costs in our financial structure.
Perfect. Thank you. Let's turn to the questions. I think the first one, and I think it's on a lot of minds, is regarding the COVID-19 market. With the Omicron and everything, we can discuss what works and doesn't work, but it seems that market has reassessed how large the total market will be for the vaccines in the future. I can see there's a number mentioned down here around SEK 30 billion for the coming years. Is that forecast still valid in your opinion, Bent? I know nobody knows how this ends, but if you can give us some kind of comment on how you're looking at the future market of the COVID-19 vaccines.
Sure. Well, first of all, the pandemic itself, it's going to take a while still before that is called off. It's around, and it's going to take a long time for that. The booster vaccine that we are developing, or which Bavarian Nordic is developing, clearly has a product profile that allows for this strong COVID-19 vaccine to work efficaciously and has a longevity in its protection that is, I still claim it to be beyond none. But it remains to be seen, of course, and documented by Bavarian Nordic also in the clinical phase II and the clinical phase III. I believe Bavarian Nordic have already communicated that they're also looking at the Omicron potential with the current vaccine as it looks today. I don't know how that will look like. But given the strong neutralization even against Beta and Delta variants, yeah, let's see.
That's speculation at this point in time. ExpreS2ion Biotechnologies has given our protein production technology, of course, has already developed the Omicron variant. That's not a problem for us to make the antigen. Taking that into a new clinical program takes a lot more than that, and that's Bavarian Nordic's call to go down that route. I think if they can prove that what they have in their hand is strong, then that will be good, of course.
Regarding maybe the market size that is. I know you don't sit with all the intelligence. It is Bavarian who should assess this. But do we have any feel on is the market size being lower due to this mild Omicron or the way we are maybe looking at COVID-19? I know escape variants and everything can change that picture in a minute. But right now, your feeling, are you seeing any market reports that kind of indicate what could this booster market or yearly to the elderly and the sick maybe be worth in total? I don't know whether you have seen anything here, Bent.
When we started with this two years ago, we showed the market value as being in excess of EUR 10 billion, then it was EUR 30 billion. It is way above EUR 100 billion these days, the COVID-19 market. I cannot see it decreasing in the short term. Given an even more improved COVID-19 vaccine, I think there is room to maintain the market level where it is now and gain market shares. That is the name of the game.
Perfect. Yep. Then there is the hard one you will always get when your share price is under pressure. Your share price has developed quite negatively also, I might say, together with the rest of the biotech sector, but maybe a little bit worse. There is a direct question, Bent. Has any one of the management or the board sold out in the shares since it peaked last summer? I do not know whether you can comment on it. We have seen data, of course, of the chairman, but I do not know whether you can give some granular on other people having done that, particularly while the chairman had sold out.
I think the only granular I can give on my own behalf is that I purchased 1,000 shares at share price 47 in November, and I would not hesitate to buy again here. I just need to get an overview of my own liquid situation here. No, going forward, I am quite sure we will be able to show valuation increases for certain with the pipeline that we have. We are progressing, definitely, and of course, we hope for Bavarian Nordic to reach the market on the COVID-19 vaccine. That will help a lot. The general stock exchange trends at the moment with what goes on in Russia and Ukraine and the effect it has on the whole economy, that is terrible for the general investor and institutional investors as well. We have also been affected by that, as certainly Bavarian Nordic, they also have.
I am certain there is room for improvement as we progress with our pipeline activities and show that we get further into a commercialization stage.
As a very direct question, you answered to yours. As your management, I think I seen on the inside selling, there is no one from the management, the top management or the inside management in the company. It has been on the board there has been some selling since summer. Is that correct, Bent, also to what you have followed?
Not to my knowledge, but I don't follow the reporting to the Swedish Finansinspektionen in details.
I know.
Of course, if there's any notion to our chairman, that's a closed thing. He is backing up the company completely and had his issues with needing to pay tax under the Danish lønbeskatnings rules, and I think that should be covered. Yeah.
Yeah. Then there is a little bit of questions regarding the breast cancer candidate. The new result demonstrated proof of concept in therapeutics as well as preventive mice model. Could the candidate also be developed as a prophylactic, in other words, as a preventive breast cancer vaccine? Can you give a little bit of elaboration on that on your side?
It's a good question. Also related to the fact that our breast cancer vaccine is based on our antigen production technology and the VLP technology from AdaptVac, and the same principle apply to the HPV vaccines, which actually are preventive, since girls and boys are being vaccinated in their early teens or before. This is not the case with the breast cancer vaccine project as we design it today. It's a therapeutic vaccine where we would like it to be dosed to people who have been diagnosed with breast cancer, and then we build up the protection from there, basically.
Okay. With the very strong result, isn't it possible to get the additional safety study earlier than you announced? Now you need to wait, and everybody wants to see the next safety study. Is there some kind of organizational blockage, or is it simply not possible, even if you would like to feed more money into it, I guess, to try and speed it up with those good results?
Well, I was very pleased that we actually could present the strong preclinical safety data on the 22nd of December before the end of 2021. I had my doubts in the end if we could actually do as promised. Now we're saying we will make these additional preclinical safety studies in the first half of 2023, and that's where it stands with our plans at the moment.
Is it, and now I am asking you do not need to answer, Bent, but is it because you are partnering this out, so they have a schedule for do that, so even if you would like to-
That has-
Put more money into.
Something to do with it. Yes. We are, of course, working together with a professional contract research organization, Charles River Laboratories, world-renowned, but also had their time slots that we had to accommodate, of course.
Perfect. Then, the third question, usually phase I studies are for healthy volunteers. Will the planned phase I study go directly to cancer patients, and will there be any effect results from this? It is normally typically done in the I-A, two-way study. But is there a possibility that there could be some efficacy study in the first phase there?
Yes. Without being the clinical expert, I also just want to have Mattis, our new Chief Medical Officer, having his say also, but nevertheless, you may describe the first trial as a phase I-B, because it will take place also in diagnosed patients. We will. Ethically, you also have an issue with starting a trial like that in healthy volunteers.
Okay.
That is. The good thing is you will actually quickly get data then from people who are affected by breast cancer.
There will be readouts where you, like the pictures we saw on one of the sites where you can see whether it has an effect. Perfect.
Yes.
I think you answered it. I will ask you again if you can elaborate, but have you been working on Bavarian Nordic in regards to the Omicron study, that for some reason has been laced. Any obstacles here from your side, where they would like to test it here? Just if you could give any, a small comment on that if you are-
That is going to be very small, Michael, because it is Bavarian Nordic who are pursuing findings on that, but also wanting to check, of course, if the existing vaccine is protective in itself, also against the Omicron variant.
Yeah. So nothing from your side. It is perfect.
Only it is the fact that we, of course, already had the Omicron antigen made in our laboratories and even can share that with other interested parties and research laboratories on our CRO services business, actually. Yep.
Then, maybe a little bit back to Keith, or maybe it is you, Bent. Do we have sufficient cash? I think you elaborated a little around Keith, but let us try and dig a little bit more. Do we have sufficient cash to initiate phase I, or can we expect a new capital raise in 2023? Are you expecting to use some of the potential royalty income from the COVID-19 or, yeah, that is also the question, actually. Could it already be partnered out, this breast cancer vaccine? I know it would be very early on. If you are so strong enough, so a little bit about your thinking going forward on when you will need to fund some stuff and where maybe you could see some potential income coming from that might fund it except from taking the money from the stock market.
Bent, should I take this one, or would you like to?
Yeah. No, that is fine.
Sure. Yeah, I think we have already commented on the strength of our cash position, and Bent provided the milestones that we are looking at in the timeline for the next few years. I think you can kind of connect the dots that way. Beyond that, I believe last quarter we mentioned the timeline for how we might be receiving milestones from the COVID-19 vaccine project should it make it to the market and everything. So I think there are a few factors there. We presented what we can present on that right now, and I think we should speculate on fundraising. Yeah.
And then maybe a little bit on the last part then. Could there be already that early with strong data, any potential partnering already? Very early phase, but your business model is to get that out and let the people pay for the higher development when the cost goes up for development. So a little bit granular. I know you can't predict the future, but if it's such strong data, could it be earlier than normal?
Yeah, sure. Of course, in general, it's always a strategic issue to strike a partnership deal at the right moment at the valuation time of the project. But given the very strong preclinical proof of concept data that we had just generated here, it makes it just the more exciting to actually do business development. Obviously, we'll show this data to relevant companies and take the dialogues we get from those.
And there's the question I should have pulled down, maybe I could already have asked that, but your strategic regarding this partnership will be a similar setup like AdaptVac, Bavarian Nordic agreement, or will you offer a share to a partner that maybe goes in and buy something of you and-
That's very-
I know we're speculating, Bent. I need to ask it because I think it's a very relevant question. Yeah. I don't know how far along.
It's very early to speculate about a licensing set up with potentially equity elements involved or That's a bit early to speculate. A general partnership deal would certainly consist of financial trigger points like milestone payments and royalties of sales down the road. Certainly.
And taking over the development of that product. I think maybe because the AdaptVac was a kind of a two-step. Normally, if you have developed everything because there was two technologies that needed to go into this. There's not a necessary for a middle step. With this technology, you can go directly to some kind of a pharmaceutical company or something.
Exactly.
Is that correct, just to clarify?
It will be much more simple, basically, and easier to explain once we do a partnership deal around the breast cancer vaccine candidate. Certainly, yes.
Perfect. That was good for my understanding also, Bent. There is a question here in the end. Can you elaborate on your collaboration with the company Attana?
Not really. Attana, they are also a stock exchange-listed company. We have had some interactions with Attana where they have requested some work, and that has been good on our CRO services business, so that is fine. Attana in themselves, it is a diagnostic-based company with a strong apparatus that they use in early research. I believe even one of those are standing at University of Copenhagen are being applied there. So it is a very interesting company, for sure. We maintain good relations.
Perfect. I think that was the last question. Thank you for very good questions, and you. Oh, someone came in. As always, I should have been fast. Is it possible that AdaptVac will be listed on the stock exchange itself in the future? How do you look upon ownership there? Now again, we are going out to speculation.
Yes. I don't think we shall comment about those exit opportunities with AdaptVac. That's pure speculation at this point in time.
Perfect, Bent. Yeah, but I think we got the last question in. Thank you for very good questions, and thank you for you, Bent and Keith, for taking us through it. Have a nice day, although a very uncertain day in many senses. Thank you.
Thank you very much.
Thank you.
Thank you. Bye.